A popular crypto analyst says that several on-chain signals for Bitcoin (BTC) suggest sellers are losing control of BTC’s price action.
In a new video, the InvestAnswers host looks at data from blockchain analytics firm Glassnode depicting the “three-month HODLer” metric, which shows the proportion of wealth held in coins that moved in the last three months.
According to Glassnode’s data, three-month HODLers are at an all-time low, which has historically aligned with market cycle bottoms.
The analyst says the data is a sign that Bitcoin bears selling their bags have almost completely disappeared. He says that even if no buyers show up, BTC is still headed upward on the back of a weakening USD.
“We’ve never had such a low level of people in Bitcoin less than 12 months old. It’s at about 11.51%, and the other way to think about this is that people holding Bitcoin more than three months is at an all-time high. So again, the selling is kind of over.
People know where this thing is going. As I always say, even if no more money flows in, Bitcoin will go up because the dollar is going down.”
The host takes a look at another piece of Glassnode data showing the trend of BTC accumulation based on wallet size.
According to the on-chain data, all investor cohorts are accumulating except the very large wallets with more than 10,000 BTC, and the small entities with between one and ten Bitcoin.
“The 1,000 to 10,000 are accumulating, the 100 to 1,000 are accumulating, the 10 to 100 are accumulating. The only ones that are not accumulating other than the 10,000 plus are the 1-10 holders. Maybe they’re dabbling with altcoins, who knows?
The ‘shrimp,’ the less than one Bitcoin, they are accumulating as well. So this is a very very positive sign, and it’s only a matter of time before the rest of the cohorts start accumulating as well, and the you know what happens after that.”
Featured Image: Shutterstock/jschill/Sensvector